Chevron (CVX) Return on Invested Capital [ROIC] (2009 - 2026)
Chevron's Return on Invested Capital [ROIC] was -30.32% in Q2 2026, up 7.45 percentage points from -37.77% a year earlier but down 4.34 percentage points from the prior quarter.
Powered by 
Analysis
Chevron (CVX) Return on Invested Capital [ROIC] (2009 - 2026) Analysis & Trends
For FY2025, Return on Invested Capital [ROIC] at Chevron came in at -27.25%, up 5.58 percentage points from FY2024.
- Return on Invested Capital [ROIC] has now increased for three consecutive years, though with a five-year change of -1.78 percentage points (FY2020 to FY2025).
- In earlier years, Return on Invested Capital [ROIC] was -32.83% in FY2024 (+2.58 pp), -35.41% in FY2023 (+3.27 pp), -38.68% in FY2022 (-9.28 pp) and -29.39% in FY2021 (-3.92 pp).
- Quarterly Return on Invested Capital [ROIC] has moved between -44.01% (Q3 2022) and -25.85% (Q4 2025) over five years.
- Compared with a year earlier, Return on Invested Capital [ROIC] has increased for seven straight quarters, with an average year-over-year change of +4.76 percentage points over the last eight quarters.
- The best year-over-year quarter for Return on Invested Capital [ROIC] over five years was Q1 2026 (a gain of 9.75 percentage points); the worst was Q2 2022 (a drop of 13.10 percentage points).
- Per Business Quant data, CVX's Return on Invested Capital [ROIC] in the three quarters before Q2 2026 was -25.98% (Q1 2026), -25.85% (Q4 2025) and -31.73% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 694.97 Bn | 658.18 Bn | - | 11.12% |
| 2 | Shell | 570.13 Bn | 500.87 Bn | 92.16 Bn | 28.91% |
| 3 | Chevron | 418.82 Bn | 396.62 Bn | 33.45 Bn | -30.32% |
| 4 | TotalEnergies SE | 189.94 Bn | 73.07 Bn | 61.77 Bn | 44.06% |
| 5 | Eni Spa | 176.22 Bn | 126.56 Bn | - | 6.74% |
| 6 | Conocophillips | 161.10 Bn | 133.81 Bn | 12.81 Bn | 22.50% |
| 7 | Phillips 66 | 110.98 Bn | 99.96 Bn | 8.38 Bn | -181.46% |
| 8 | Equinor Asa | 107.54 Bn | 22.06 Bn | - | 51.62% |
| 9 | Canadian Natural Resources | 103.35 Bn | 100.30 Bn | 15.40 Bn | 220.98% |
| 10 | Suncor Energy | 86.21 Bn | 72.00 Bn | - | 2.69% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -30.32% |
| Mar 31, 2026 | -25.98% |
| Dec 31, 2025 | -25.85% |
| Sep 30, 2025 | -31.73% |
| Jun 30, 2025 | -37.77% |
| Mar 31, 2025 | -35.73% |
| Dec 31, 2024 | -34.83% |
| Sep 30, 2024 | -38.24% |
| Jun 30, 2024 | -39.25% |
| Mar 31, 2024 | -37.70% |
| Dec 31, 2023 | -37.09% |
| Sep 30, 2023 | -37.96% |
| Jun 30, 2023 | -38.96% |
| Mar 31, 2023 | -37.66% |
| Dec 31, 2022 | -39.67% |
| Sep 30, 2022 | -44.01% |
| Jun 30, 2022 | -41.97% |
| Mar 31, 2022 | -36.00% |
| Dec 31, 2021 | -33.21% |
| Sep 30, 2021 | -33.70% |
API Access
Chevron Return on Invested Capital [ROIC] API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=return-on-invested-capital-%5Broic%5D&ticker=CVX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-invested-capital-[roic]", "ticker": "CVX", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=return-on-invested-capital-%5Broic%5D&ticker=CVX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();